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Hi all,
I'm new here. Never been to real estate or anything like that.
I'm looking for an area to buy a condo for 50K-70K which I want to be able to rent out either long term, or daily on Airbnb.com, so I'd like to know where a condo of that kind can be rented relatively profitably. I know to watch for HOA fees and whether rules allow renting etc etc... I don't mind low monthly return (even $300 - 400 is fine with me). It would be probably 50% down so mortgage payment shouldn't be that high. Preferably closer to NYC.
I don't want a house for that purpose.
Is Poughkeepsie, NY a decent area to do that? Buffalo, NY?
You're really not going to find anything in the tri-state area for that price, unless you want to own a beat up shack in a really bad neighborhood. Upstate NY will have better options for you, but as ckh said, it's not all that convenient to the tri-state area.
Thank you. Well, I don't really care where it is (but closer to NYC is a bit preferable since I live in Brooklyn) as long as I can relatively easily rent it out for $1200 or more. The area must be where demand for rental properties is relatively high. So I need this $60,000 to $1200 buying cost to renting ratio. Poughkeepsie, NY is fine with me.
Thanks for recommending Orange county, will look into that. Any other suggestions please?
Thank you. Well, I don't really care where it is (but closer to NYC is a bit preferable since I live in Brooklyn) as long as I can relatively easily rent it out for $1200 or more. The area must be where demand for rental properties is relatively high. So I need this $60,000 to $1200 buying cost to renting ratio. Poughkeepsie, NY is fine with me.
Thanks for recommending Orange county, will look into that. Any other suggestions please?
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